PayPal is extensively used by freelancers, for making international transfers, for purchasing of things like online money orders and gifts cards, and even at multiple hotels and gas stations. With its usage becoming so common, it is obvious that accountholders would be trying to figure out how to transfer money from bank to PayPal so they can keep their account loaded at all times.
- You can transfer money from bank to PayPal by linking your bank account > Verifying identity > PayPal wallet > Add money > Select bank > Enter amount of money > Confirm transaction.
- Money should be transferred to you within 3 business days.
- There are no charges for bank to PayPal money transfer unless you are sending funds internationally.
…and Much More!
How To Transfer Money From Bank To PayPal?
Majority of the users stick to linking a debit card or prepaid card with PayPal and some even choose to send money from gift card to PayPal. However, transferring funds from bank to PayPal is more convenient as these are processed quickly with just a few click. Here’s what you need to do.
Link Bank Account To PayPal
You have to link a bank account and confirm its validity before you can make money transfer from bank to PayPal. This is a way to verify your identity and a method used by PayPal to minimize frauds and online scams. It requires you to make two micro-transactions from PayPal to bank.
- Open your PayPal account and click on Link a Bank Account.
- Provide banking details such as the account number and routing number. If you can not find them on checks or have them previously, contact your bank’s customer support team for guidance.
- Wait for PayPal to verify your bank account.
- Then go back to PayPal Wallet screen.
- Here, click on the bank that you have just added and provide the amount of money you wish to transfer. Remember, you need to make two deposits here between $0.01 and $.99.
- Tap on Confirm and the bank will be linked to your PayPal account shortly.
Enter PayPal Wallet
Open your PayPal account again and move on to the app’s Wallet. Here, you will be able to identify the banks and credit/debit cards linked to your account towards the left side of the screen. Find the bank account from where you wish to transfer money to PayPal.
Send Money From Bank To PayPal Account
Now is the main step where you can move funds from your bank account to PayPal. This should be pretty simple to do provided that you have linked account successfully using the procedure above.
- Tap on Transfer Money in PayPal Wallet.
- In the next step, click on Add Money To Your Balance.
- Choose the bank from where you wish to send over funds and press Add.
- Provide the amount of money that you want to transfer.
Wait Till The Transfer Is Complete
All that is left to do now is wait for the funds to reflect in your PayPal account. This should occur automatically and does not require you to follow up with anything.
You might be interested in reading: PayPal to Skrill Easy Money Transfer.
Does It Take Long to Transfer Money From Bank To PayPal?
When you make a transfer from linked bank account to PayPal, the funds should typically appear in your account within 3 days. However, there can be many factors that cause delay and this is almost never any cause of worry.
Generally, users complain about a delay when the transfer is made on the weekend. Since the transaction would be processed on the next business day, it is normal for the transfer to be a couple of days late in this case.
The same could be said about sending over larger amount of funds. These are checked thoroughly to avoid any frauds and therefore, take longer time.
Bank To PayPal Money Transfer Fees
There are no fees for sending money from bank to PayPal. However, one thing to keep in mind is that PayPal does charge for international transfers.
It is difficult to pin-point that charges you have to pay for sending money internationally because this depends on the on-going exchange rate.
Nonetheless, PayPal keeps its official website updated at all times so you can gather more information from there.
Transfer Money From PayPal To Bank – Step By Step Guide
Bank to PayPal money transfer is simple. Similarly, you can send money from PayPal to the bank as well either by using PayPal website or the mobile app.
There are also no charges for PayPal to bank transactions. If you are using the mobile app, here’s how you can complete the money transfer.
- Open your PayPal account and click on PayPal Balance.
- Then tap on Transfer and choose Transfer Money in the next window.
- Next, choose the bank account to which you want to send the money. It should be already linked to your PayPal account. Click Next.
- Enter the amount of funds you want to send over and click on Next again.
- Confirm the transaction.
Similarly, you can transfer money from PayPal to bank account using the web browser as well. This works out pretty easily too even if it is your first time trying!
- Open the web browser and in the search bar, enter www.PayPal.com. Hit Enter key.
- Move to the Wallet page of the account and then click on Transfer Money.
- In the next step, tap on Transfer to your Bank.
- Choose the bank account and click Next.
- Confirm that you want to make the money transfer.
You might be interested in reading: How To Transfer Money From Greendot To PayPal.
The Bottom Line
PayPal is a convenient way to make online transfers for large payments as well as for sending small amount of funds to your friends or family members. The best part is that there are no charges unless you are making an international transfer.
All in all, transferring money from your bank to PayPal account shouldn’t be a problem. However, you need to make sure that you have linked and confirmed a valid account before any sort of transfers can be processed.
Frequently Asked Questions
Can I send money from bank account to PayPal?
Yes. you can send money from bank to PayPal. However, it requires you to link and verify the bank account beforehand. You can do so making two small transactions from PayPal to bank.
Are there additional charges for sending money from bank to PayPal account?
There is no fee for sending money from bank to PayPal unless you are making an international transfer. In that case, the additional charges depend on the exchange rate.
Why can’t I transfer money from my bank account to PayPal?
The most common reason for a failed transfer is that your bank is not linked to PayPal correctly.
Cassidy Horton is freelance finance base research writer and published hundred of articles on money, banking, loan and more. Her work is published authority finance site on Forbes, Money Under30, NerdWallet and many other finance brands. Further she is considered financial expert by MSN, LegalZoom & Consolidated Credit.